Credit default swaps top movers: Ukraine and Macy's Retail Holdings

Italy, Brazil and France continued their run as the trio of countries with the largest net notional amount to be paid out in the event of a default, according to the latest numbers from the Depository Trust & Clearing Corp. Italy's net notional amount increased by 0.14% from last week to this, while Brazil and France saw their net notional amounts fall by 0.85% and 0.50%, respectively.

The corporate side also was unchanged, with General Electric Capital Corp. (0.75% increase in net notional), Berkshire Hathaway Inc. (0.18% increase) and Metlife Inc. (0.16% decrease) topping the list.

The sovereign entity whose net notional amount changed the most from last week to this is Ukraine, with a decline of 12.90%. Croatia's net notional, meanwhile, rose by 8.96%. Rounding out the top three was Romania, with an 8.12% decrease in net notional.

The net notional amount represents the maximum that would have to be paid in the event of a default by the entity, assuming netting across trade counterparties’ families. The gross notional amount represents the value of all active CDS contracts, including offsetting contracts. The Top 10 volume movers show the reference entities with the largest notional movement for the week.